What do you need to apply for a Personal Loan

Make sure you meet eligibility requirements before completing the application form and have all your documentation ready. It helps you work through the loan application and screening process.
The boxes to check below are if you are considering this loan to fund your next holiday.

Should be an Resident of Indian

  • You must be an Indian citizen between 25 and 55 years of age to use this loan. It is illustrated by documents such as the Aadhar card, driver’s license or passport.
  • You will also have to apply your telephone or power bill as evidence of residency.
    You must be an employee
  •  This condition underlines the willingness to return the loan financially.
  • As part of this, a letter of employment along with pay slips from the last two months is required to be submitted.

It allows the borrower to determine the amount of the loan that can be given. If it suits your wage, you are more likely to be able to repay it.

Will operate in MNC, public or private companies

  • 1) You must be working when applying for the loan. You can work at a limited company, public or private MNC.
  • 2) This criterion shows you have job security and you can make payments throughout the tenor in a timely manner.

There is also a risk of extending a loan to an unemployed person. The lack of security and revenue creates a high risk for the applicant.

Will meet minimum Salary requirements

  • To ensure that you can repay the personal loan, you want the borrowers to meet a minimum wage condition. It varies from town to town.
  • The city of residence should also be one of those where the loan provider works.

Whether you live in cities like Mumbai , Pune, Bangalore , Chennai or Hyderabad, the cost is 35,000 rs. Make sure you meet this specific condition before you apply.

A quick overview of all the documents you need

  • Records of KYC
  • Slips in salary
  • Accounts of the bank
  • Job letter

If it’s a luxury bike ride in Europe or a spa retreat in Istanbul, a personal loan for travel lets you comfortably fund all sorts of travel adventures. When applying for one, understanding and fulfilling the eligibility criteria can help make the entire process of making the loan convenient. The Bank/NBFC Personal Loan for Travel is such a loan that takes you closer to your vision of travel. This loan offers an appealing tenor, interest rate and versatility.

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